doing well. >> richard thanks for joining us and quick notice we appreciate it richard fisher the former dallas fed president quickly in terms of tomorrow. >> watch the 200 day moving average in the s&p cash. >> hoping for the huge down and then zbluft my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to save you some money. my job is not just to entertain but to educate and teach you and put this whole thing into context which is badly needed.

so call me at 1-800-743-cnbc or tweet me nicely please, @jim cramer there is panic all over the place, especially in technology and industrials. the only stocks that managed to hold up today. tech was especially hard hit i am concerned that the sell off there isn't done because there is genuine weakness in the semiconductor world. that is spelling over to cloud, software, hardware companies including f.a.n.g and apple. it was tech's worst day since 2011 you must not be blind to

opportunities. volume was ten to one on the down side. that is a ratio that late, great anchorman mark haynes also told me to be more positive i like to step back for a second and get a battle plan going. help explain what is happening what it will take tor the pain to end spoiler alert, i don't see it ending any time soon so why are we getting obliterated? even when the economy is strong, i try to tell people because i have been around for a long time, it can be fragile. and that is why the federal reserve needs to be careful not to overshoot when it tries to raise interest rates back to more normal level. they can make it too expensive

to borrow money and trigger a slow down. think about the feds using sledgehammer for rate hikes. if the fed had been paying attention to the data, they would have stopped tight unanimousing aenning and allowed the economy to cool on its own and that is exactly why i screamed [ they know knowing 11 years ago they were totally clueless even though we have amazing 3.7% unemployment and robust gdp growth, they are deteriorating

fed doesn't seem to know this. that's why we are getting hit and keep getting hit because the economy is nowhere near as strong as fed chief seems to think. when janet yellen she cared about the nitty-gritty, she did the work last week we learned that powell is no janet yellen, he is ready to call for multiple rate hikes blindly because he believes the expansion is so strong enough to handle it. as my former company host kudlow would say, with all due respect sir, we do not want to repeat what happened ten years ago. stop the madness i look at individual companies to get a sense of individual industries and many different industries and many different ceos and right now they are not

paenti pae painting a pretty picture regardless of the number on friday the fact is i do have a better handle on the situation than the fed does just like 2007. i am sick and tired of a fed that reverts to a nonrigorous approach every time things look good it is and it will be shameless housing is being slammed in reverse because mortgage rates have climbed to five %. many areas of this country your house is declining in value. i am sorry to tell you that. i'm sorry. but that is not the time to raise rates. second, we have heard from a bunch of companies, companies that you probably don't follow cos like ppg

they have just hit a wall. and there is way too much inventory in the system. i saw some guy say i was wrong but do you even have a clue? why do you think ford and gm hit lows businesses are having a hard time expanding because not enough demand to make it worth while? when the big banks start reporting on friday. did you see interest rates today? you know where they were they went down the basic building blocks of the economy, are coming down in price. you need to know these things. i will tell you about them

no one seems to know a telltale sign how about the developing glut of semiconductors we have too many chips and it is exacerbating when the chinese economy is coming down i don't even trust nvidia and amd right here i think they are too high. speaking of china, the trade skirmish that is a price we need to play to level the playing field with the chinese. six, the dollar keeps rising and in part because of interest rate keeps rising that's including staples unfortunately the feds are ignoring this list which means

we could have a lot more of what is happening today really thrown away so what would turn things around how do we stop the torrential downpours, there are ways. jay powell needs to walk back his comments about his willingness to overshoot the rate hikes he sees an 80 cent increase in wages, the dreaded spector of wage inflation and it makes him want to slam on the rates. problem is, president trump keeps putting powell on a box by saying, what he did today, all right, i am just a tv host but he is the president. so now i think powell needs to tig dig in his heels tell cramer that he is wrong

shame on them. i don't want 2007 again. second, oil needs to come down we create aid shortage, and we don't have enough crude in the country. if oil does go down, there is no saving the industrials you get an ugly year-over-year margin squeeze third, brooef elieve it or not recollect hear about transportation bottle necks. believe me, i get why these rules exist, you don't want people driving on 18-wheelers with no sleep. the trucking companies need to hire more drivers. if that happens, we can stop fretting about the supply chain. boy, are we ever not getting that instead what we are getting a lot of hot sauce spilled right

on it here, man. that th is what we are drinking. smoking. listen there is another way whole things can work out here too it is simple don't fight the fed, don't fight the tape if it tightens, and it is going down and it makes sense to do some selling i will admit that it is hard to find workers in the country especially with the tight immigration we have in the country. i know powell is worried about that the bottom line, nobody ever got hurt taking a profit we did in our travel trust today. we did not take money today. better chance to sell if you are in a panic mode. it doesn't mean the bounce will last the some opportunities may be nibbling soon. i wouldn't be surprised if you get a better opportunity town

the road it is not worth it jared? wisconsin. >> caller: hi, jim, thanks for taking my call >> absolutely. >> caller: it looks like where high interest rates and trade problems are going to come to the forefront. do you think that the market today and maybe in the next couple of days is baking in the anticipation of lower guidance into the fourth quarter and beyond also, do you think that when the earnings reports do come out, that this week's sell offs may soften the market reaction >> well, no, look, what happens is that stock goes down ahead of the disappointment and when you get the disappointment, it doesn't go up. my experience is that there will be bottoming in slow motion. the first that bottom is the drug stocks.

the second is the industrials. and then the third will be the fangs of the world but tf.a.n.gs have you have to e in there when it happens because when they move, they fly. as i always say, okay, first we are going to go to mike in california mike >> caller: mike here from pacifica, california, i am talking about drop box what do you think? >> the stock got updated today cut in half from its high right before it ran up to the quarter. the problem with this one is that there are so many stocks that are high quality right now that have been pummelled too as i told people in the 15 club that we issued today, i prefer

amazon 300 points down but amazon is here to say. and it may be worth more than it is selling for a couple of days from now how about a longer term view is this as i say, no one ever got hurt taking a profit i think you could buy some high quality stocks beginning tomorrow and then wait it out "mad money" tonight, can you count on activist investors to make you money, don't make a move before you hear my take i want to hear, you want to hear, let's open the phone lines cramerca this is my 30th so-called crash and as rates weigh on the market, what are you worried about? stay with cramer >> announcer: don't miss a second of "mad money." follow @jimcramer on twitter have a question?

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got to catch your breath here it is an important day, a day where the dow had its worst performance day since february a lot going on at the moment wall street is worried about a fed mandated slow down and one of the places we are seeing that is construction. there is a lot more to it. i want to check in with starwood capital. this stock has been slammed. makes makes no sense to me whatsoever starwood capital has particular issues that we have to talk about. they lend and invest in all sorts of properties which means

they are poised to tell us about the state of industry. let's dig deeper with the ceo. and get a better sense of how the real estate world is doing and how the world is doing great to have you today. we are lucky i think you know more markets than anybody that is important or on the line right now your conference calls are brutal you have a company that has more of a conch that a 9% yield tell people why it is compelling. >> if a tay that dow is down we started the company in 2009 and it is very div verersified we are a lender.

we are the largest commercial lender that is not a bank affiliated at the moment 62% lvt. >> someone asked me today, is this like 2007, the loan to value, you are pretty secure in what you lend. >> i was asking one of my guys today, if we were just a 7 billion dollar loan book they said, we pay you nine the books are fee assets financed with 17 years we have like a two or 300 million tlar embedded gain of our equity book. what is interesting to me is so

that markets i you also have a lot of insights in terms what is going on in the government you said that steel has gotten so high that it is almost like it is not worth it to build. that is something that people don't understand including perhaps our fed chairman. >> well, construction costs are rising for both commodities and labor. and labor is scarce. the housing market is taking it on the chin between mortgage rates and the cost of construction look at 62% of ltv if it cost more to replace, the v is going down. >> maybe the fed doesn't seem to know that. almost that they think it is going like this. you make it clear that values have peaked in a lot of areas.

>> we don't think so. >> you said in manhattan. >> that's true in high end residential. >> i should be more clear. >> apartments on both coasts san francisco, new york, even seattle, rents are coming down our exposure as a lender is mostly office. 32% office and that has done pretty well across the country and the book is all floating if rates go up, i think we get hit with a residential reach we don't do. that we are match funded and we are all floating so if rates go up, we make more money. >> that is important for people to understand. edd eddie lampert. you talk about how it takes a little while that get anchors into is this a positive or a negative

>> probably a net positive in our malls that we own, 3% of the assets of property trusts are in malls, in retails in our private business we have some malls, we own malls, and the income that comes near the sears stores nobody is in the sears so we take it back and make it a dave and busters or a theater, it is good for the owners to get on with this we will see what happens with pennies too. they will reorganize they will chuck out the bad ones and use this as an opportunity to rescale their company the way capitalism works and you are in from new england. we had aims, bradleys.

>> that's capitalism any words of wisdom who fed chairman powell? >> what people don't understand about the tariffs is that you are going to see their impact in the first quarter of next year inventory is here. it was bought without the tariff so you are going to have a latent pressure in the market. knocking the currency down it is a flat to the consumer here but i think the fed is going to have to be careful the economy is not as strong as the number indicates. >> can i just say, i feel it is only you and me. >> probably right. >> but we are right. >> that was soybeans and commodities restocking. >> you and i are right that this

economy is red shhot. >> the year curve bothers me usually it is a signal of a downturn people think your rates go up too high and the short end, a competition for capital and the economy will roll over the $300 billion stimulus problem they have, they are not going to do that next year >> year every year. >> it is going to be tough. >> thank you i needed to hear that. i hear people say, listen, they need to put their foot on the brake. maybe we are getting older. >> experience. i am not calling it old. >> i think you should listen "mad money" back after the break.

no, i think the fed is making a mistake they are so tight. i think the fedhas gone crazy. so you could say, well, that's a lot of safety actually, and it is a lot of safety and it gives you a lot of margin, but i think the fed has gone crazy. >> wow, the president has a point. he sacked janet yellen, who wouldn't be approaching things like this. what is the best plan of attack for tomorrow if you are thinking of putting long-term money away, maybe pull some of it forward that's what i did today. after this trashing, i am sanctioning nibbling on a day when volume was down ten to one, i am okay with dog

more buying, the cloud kings, the f.a.n.g'ers. maybe just one or two. i told you, i didn't like the market but the time to start buying may be upon us, slowly but surely because now everyone is getting upset, everyone is panicking a vicious correction is a terrible thing to waste. we have to understand the companies will not be as bullish as they were because of tariffs and higher interest rates, and bullish market and a lot other things wi we will have to be selective buy small, buy quality and nothing less i'm not saying the bloom is off the rose when they are all reflective, they can be more aggressive.

especially once the fed seems to be focused more on the rear view than the forward so let's take some calls remembering that we have been through 2008 and came out on the other side mike in california. >> caller: thank you for helping me not panic booyah. >> i panicked in october 8, 1998 >> caller: cnbc reported that several hedge funds have been closing. you had a chapter on redeterminatioredemption will had help traders like goldman. >> you know, but the selling accelerated at the end of the

day. my travel trust owns goldman, but the only thing that goldmans would help is if the stock goes higher i want to go to doug in minnesota. >> caller: hello, i am speculating on symbol ll, lumber liquidators. adding 20 more stores. up 1% when the market is town three. they have added 20 million to the revolving debt so i am concerned about that on down days like today, i look at a stop like home depot, no, i don't like housing but i am looking at the home depots of the world and if they are going down a lot, then i have to wait and not do ll. but that is a great thought. dan in michigan.

>> caller: i am an action alert member and thank you for your guidance the vick has done parabolic. how long do you think this sell off will be going. >> i have, you know, i got to tell you, here is my problem i am not a vix expert. i am a stock guy but i have to ask you a question did you see anything today where ten to one minus volume, where you saw the genuine panic that i felt i am trying to get a sense from people exactly why the vix spiked as much as it did. >> caller: it is difficult for me to get a handle on it it is hard to say where it is coming from. i think the fed raising rates is putting fear in the market.

>> that's what i think too you start thinking geez, do i want to own square down 15, and i begin to start thinking, let's not get too myopic pick one of these great company that we talk about all the time. thank you for prescribing and being members of my club the time for the big selling, i think that may have come and done the idea to continue to sell after what happened today, we raised enough cash for action alerts that we have to start buying we can't keep selling. let's go to mario in new york. >> caller: big stanton island booyah my wife and i watch your show

every day and i appreciate it and thank you for everything you do. >> thank you. >> caller: my question is about zuora. we saw triple the average daily volume we saw the stock bouncing off the lows do you think i can start. >> right now, the first thing that is going to bottom is the verizoners and the pfizers and the second thing is something like united technology on the third day, we see f.a.n.gs stock bottom. and now believe it or not, i studied these so many darn times and that has been, that has been the progression. so zuora, on the fourth day, they said it is okay to buy it

it is scarey out there i am saying, listen, i am seeing some prices, maybe not in the 70s, but in other places where i say maybe it is time for buying. you may be tempted to piggy back and i wanted to sit with the ceo who has been there and donthe at to navigate tough times. and the edition of the lightening round stick with cramer.

brutal day, okay dow and s&p worst days since february so what is the best plan of attack when the market goes through a tail spin, you may be tempted to circle the wag begons. take companies like ppg, campbell soup and starbucks.

meanwhile, bill ackman's persian square say they accumulated a stake in starbucks but listen, and no fault of these gentlemen, piggy backing is a mistake hedge fund managers don't work for you.% take campbell's soup, the company that would, should, and could work in this environment wants to broom the entire board. perhaps to get a sale or unlock the value. anyone who has followed campbell's know this board has -- revealed a totally dysfunctional board that okay strategy to buy anything some fresh snacks, snacks and

gigantic sh snyder land. it was disappointed after the purchase i agree with lobe, i think he is right, campbell's soup needs a new board of directors the balance sheet is too painful for me to recommend the stock. how about bill ackman with starbucks. i think he has anything to offer. china should be getting better, u.s. should be getting better. i have been saying thstarbucks s turning. ackman has done well with the restaurant chain, but here is the thing, starbucks is good management, ceo kevin johnson is

righting the ship. long-term, i like starbucks. how about ppg, frankly i don't know what to say about this one. had been a great performer under former ceo earlier this year, the company lost a key outlet, lowe's stopped carrying it. from the old heinz board of directors, i bet he wishes chuck was back running things. i don't know you can own ppg after a dramatic shortfall all in all, ppg and starbucks will succeed and fail. long-term, i like starbucks.

campbell's soup, a different story. lobe wins, you make money. these big money managers won't save you from a hideous market keep that in mind the next time you see stocks surging on a bad day because we heard about an engaged or active invest or getting involved getting involved stick with cramer. i think we should do that meeting tomorrow. well wait. what did you think about her? it's definitely a new idea, but there's no business track record. well, seen her work? no. is it good? good? at cognizant, we're helping today's leading banks make better lending decisions with new sources of data- so, multiply that by her followers, speaking engagements, work experience... credit history. -that more accurately assess a business' chances of success.

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>> announcer: lightning round is sponsored by td ameritrade it is time it is time for the lightning round on cramer's "mad money." that's where i take your calls rapid fire sell, sell, sell we'll play this sound -- [ buzzer ] -- and then the lightning round is over. are you ready, skee-daddy? it's time for the lightning let's start with jace in illinois. >> caller: thank you for having me on the show i would like to get your take on

conagra brand. >> it came back to 35, i like the stock. call me a buyer. and let's go to devora in minnesota. >> caller: welcome from minnesota. i am wondering about caterpillar. it has gone way up, ithas gone down a little bit. is it still a good one to hold. >> if things keep heating up with china, it may go lower. i think it is a good company phil in florida. >> caller: professor how are you? >> good. how are you partner? >> caller: good. fire eye >> unfortunately its business is connected with north korea,

russia and china i like fireeye mark in illinois. >> caller: booyah, go bulls, go ditka. >> did the best for me on a buy week. >> caller: i am looking for a high quality health care stock wondering what you think about beckton dickinson. >> i like boston scientific. you really like becton dickinson. i think it is a buy here i would buy 25 tomorrow. a lot of people think it is a head and shoulders pattern, i think it is fine judy in new york >> caller: hey, gym, it is judy

from new york. a rescue bunny booyah. i was thrilled when i heard you were getting another rescue animal. >> we are interviewing >> caller: i believe the future is in the technology of genetic technology my purchase in loxo. a few wall street analyst are saying buy outperformed. >> i can't count, we can buy i mean we have high quality buy -- biotechs that are down big let's go to nina in maryland. >> caller: hi, jim, alibaba, what to do now

buy, sell, or hold >> i am not recommending any stocks in china. round on cramer's "mad money." and that, ladies and gentleman, concludes the "lightning round"" >> announcer: lightning round i, sponsored by td ameritrade nigh♪ is that lionel richie? let's reopen the market. mr. richie, would you ring the 24/5 bell? sure can, jim. ♪ trade 24/5, with td ameritrade. ♪ your but as you get older,hing. it naturally begins to change, causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered...

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♪ a bright -- brutal day for

the averages take carnivals management gave cautious guidance and down about 12% from recent highs the run up in oil, even if it debated today, hasn't been good for the buy line this company now sells for less than 13 times next year's earning estimates. so could it be bottom fishing on a high quality blue chip travel. let's check in with ceo arnold donald. >> i think you have a lot of perspective. and you have been through tough times with carnival but you have turned it around

do people's attitudes change toward doing what they do before a big decline? >> i would hope that one line is not what a trade line makes. i know this is "mad money," and but today it was sad money we are global, and we are a great value. much better value than land based vacations. so we are attractive in almost any environments and we have no correlation in economic trends. >> you have a terrible hurricane in florida and would this be something that people would cancel the trip for in the caribbean >> no, i don't think even last year people didn't cancel their trips. but the reality is every year,

there are hurricanes typhoons in the world. and we have been in the by for 45 plus years. hurricane is something that happens and we sell to over 700 ports around the world we had two or three ships for minor rerouting. >> quarter and quarter you beat. and people are shadow boxing with you you won't be able to charge as much and not as many people will come to carnival, but that has not been the case. >> you are right, we set a record and last quarter biggest quarter in the history of company. we raised earnings, expectations, et cetera. all that is true we do with capacity and increases we have shared prices are strong.

ahead on bookings. so really a bit correlation. but there is general concern we have been on a run for quite a while. so concern that events are going to see a return on the cycle and concern if they see any slow down or rate in yields we try to educate, we try to inform, but in the end, we just need to deliver and if we continue to deliver, eventually the market will recognize the value and reward us. >> there is this issue with fuel, and new rules about sulfur these are things that seem to be a burden to any cruise lines >> that is just part of the business but analysts are smart enough to

neutralize currency and see that that is one time concerns 20 20 more than likely, bunker fuel will become much less expensive. and we have added exhaust cleaning systems on our fleet to they can burn bunker fuel and put out less emissions that they were burning a higher grade fuel so in the end, we should be positioned if there is a drop in bunker fuel, we should be in position to take advantage of that and that would be more of a permanent shift and price versus the volatility you normally get. >> you have experienced some real crisis in your company and you went right through them. people at home are saying, we have a genuine crisis in the stock market came out on the other side. >> i would say, look, you have to look at the fundamentals. and once again, there will be

ups and downs and peaks and valley,s in the end, i had a strong business to build on. the foundations were solid guests were having the time of their lives on our ships our ships are safe and sound and that is the foundation that i built on i am not a market expert but i would say one day does not a trend line make. and the fundamentals and the u.s. compete u.s. economy >> i am glad to have you on the show today you had some accidents, some tough things, but what a turn around and because steady hand and rational thinking and long-term view arnold donald. president and ceo of carnival

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>> i heard somebody today say this is like the 1987 crash. it is nothing like then. that was a mechanical glitch in the market kind of like when we had the mini crash is this like 2007, 2009? no, that was systemic risk this say blow off in a crescendo of crashes it is our chance to go back to the stocks that we always said, on a pullback, on a pullback this ladies and gentlemen, is the pullback so you got to start small. but you can't keep selling endlessly. i like to say there's always a bull market somewhere. i promise to try to find it just for you right here on "mad money. i'm jim cramer, and i will see

you tomorrows seeking an investment will face these sharks. if they hear a great idea, they'll invest their own money or fight each other for a deal.! this is "shark tank." ♪ first into the tank are erika welsh and keeley tillotson, college students with a business they created in their dorm room. hi, i'm keeley. and i'm erika. we founded our company, wild squirrel nut butter, this january as sophomores at the university of oregon. wild squirrel is seeking a $50,000 investment